And that includes areas where water is REALLY expensive or really horrible, unlike Louisville where water is not only cheap but clean and plentiful.

I've been introduced to GDL Asset Management/Green Water Asset Management, which primarily focuses on multifamily properties in Arizona.

If after adding the additional monthly recurring costs (electricity, gas, water, internet, insurance, lawn care, snow plowing, etc.) to the standard long-term costs (Mortgage, taxes, regular insurance, etc.) the property won't net at least $100 if I can get the average rent I see on FF for that area, then the property isn't worth more investigation.

Be aware of the costs as you'd need plumbing (water and sewer), electric and possibly a separate meter to the new unit.

Your tenant sends you a video of a burst water line.

You need to have a pool home close to the water in order to be successful there. 

The HOA bill comes with advantages for this population because it also usually comes with some amenities like a pool, hot tub, gym, etc.

Sorry I should point out you need to keep gutter discharge water away from the foundation  at least 10 ft .

Note that this very different from a blind pool fund where you invest in all deals in the fund.

Now have water installed, w/ 6-bedroom (4-bedroom house and 2-bedroom ADU) septic approval.